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Calculate assessable self-employed income

When you work for yourself, your income can often vary. But when you’re applying for a loan, banks like to know more precisely what your assessable income will be. Lenders will usually rely on historical figures to get some idea.

Our self-employed income calculator can give you an idea of what your assessable income could be according to how most lenders will measure it.

Firstly, our calculator asks you to enter:

  • The value of the property you are seeking a loan for

  • Your deposit

Next, enter your personal income details. These include:

  • Your taxable income

  • Your rental income

  • Any other income you may have (leave blank any that don’t apply)

Finally, the calculator asks for your business income for two different years. For each, enter:

  • Your business’s net profit before tax

  • Depreciation of any equipment or other business items

  • Any superannuation contributions you may have made

  • Any one-off expenses, like new equipment or costs associated with relocating, for example (again, leave blank any that don’t apply to you)

The calculator will provide a rough gauge of your personal, business, and overall assessable income. It will also give a rough idea of the loan-to-value (LVR) ratio and make suggestions of deposit amounts that may help you secure a loan. For a more accurate assessment of your income and what you can afford to borrow, consider consulting your accountant or a mortgage broker for more information.

Getting a home loan while self-employed

Being self-employed doesn’t rule you out from obtaining a home loan but it can be more difficult. Lenders generally have specific requirements for sole traders and people who own their own businesses. These can also extend to contractors and freelance workers. If you fall into any of these categories, the best advice is to get your documentation in order as lenders will want detailed information about the nature of your business or work arrangements. It also pays to shop around for lenders who are prepared to consider your individual circumstances.


Looking for a home loan?

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
Online ExclusiveUp To $4K Cashback
  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Online ExclusiveUp To $4K Cashback

loans.com.au – Variable Basic Cashback Home Loan (Principal and Interest) (LVR < 70%)

  • Immediate cashback upon settlement
  • $2,000 for loans up to $700,000
  • $4,000 for loans over $700,000
Variable
More details
Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Apply In Minutes

Unloan – Variable Rate Home Loan LVR < 80%

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Variable
More details
4.6 Star Customer Ratings
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan (LVR < 90%)

    Fixed
    More details

    Macquarie Bank – Basic Home Loan Fixed (Principal and Interest) (LVR 70%-80%) 3 Years

      Variable
      More details
      • $0 application fee
      • Fast turnaround times
      • Estimate your borrowing power in as little as 1 minute

      Macquarie Bank – Offset Package Home Loan (Principal and Interest) (LVR 60%-70%)

      • $0 application fee
      • Fast turnaround times
      • Estimate your borrowing power in as little as 1 minute
      Variable
      More details

      ubank – Neat Variable Home Loan (Principal and Interest) (LVR ≤ 80%)

      • Home loan specialists available today
      Fixed
      More details

      Westpac – Premier Package Fixed Options Home Loan (Principal and Interest) 1 Year (LVR < 70%)

        Variable
        More details

        Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 70% - 80%)

          Variable
          More details

          NAB – Base Variable Home Loan (Principal and Interest) (New Customer)

            Fixed
            More details

            ANZ – Fixed Rate Home Loan (Principal and Interest) 5 Years (LVR < 80%)

              Variable
              More details

              loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

                Variable
                More details

                Heritage Bank – Discount Variable Home Loan ($150k+) (LVR < 70%)

                  Fixed
                  More details

                  Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan Special (Principal and Interest) 2 Years

                    Fixed
                    More details

                    Commonwealth Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years

                      Fixed
                      More details

                      HSBC – Package Fixed Rate Home Loan (Principal and Interest) 4 Years (LVR < 80%)

                        Fixed
                        More details

                        IMB Bank – Fixed Rate Home Loan (Principal and Interest) 3 Years (LVR ≤ 80%)

                          Fixed
                          More details

                          ING – Fixed Rate Home Loan 5 Years (LVR < 80%)

                            Fixed
                            More details

                            Newcastle Permanent – Fixed Rate Home Loan (Principal and Interest) 5 Years

                              Fixed
                              More details

                              Newcastle Permanent – Premium Plus Package Fixed Rate Home Loan (Principal and Interest) 1 Year

                                Important Information and Comparison Rate Warning

                                Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of April 15, 2024. View disclaimer.